It’s fairly common for CPAs to become part-time or full-time consultants just prior to retirement, while others enjoy the benefits of greater flexibility and control over their schedules earlier in their careers. Another option is to consult on the side, or in between permanent jobs. When you ask what accounting consultants do, there are many different answers, depending on the different needs their clients have, the areas of specialization they focus on, their geographic region, and many other factors. Though organizations are seeking consultants with more general skill bases, the most in-demand accounting consultants are those with specialized skills (see “The Most Sought-After Skills for Consultants,” below). “That’s not to say that if you’re just a good controller, you can’t find a job,” Plato said. “But if you’ve been doing SEC reporting for the last 15 years, for example, you’re going to be our go-to more than a controller that’s just dabbled in it.”
Before launching your consulting career, determine what type of work you think you may want to do. Then perform a self-assessment to identify any gaps in your skills. Evaluate both your technical skills (such as regulatory knowledge, industry knowledge, proficiency with different types of software, and writing capabilities) and soft skills (training and/or managing staff, networking, presenting). When working as an independent consultant, however, you may enjoy more freedom to choose your clients and the hours you work (see “From Controller to Consultant”).
Economic disruption can magnify the crucial aspects of your advisory-centric relationships. As the economy suffers, and businesses fight to stay in business due to social distancing and quarantines, more and more business owners will expect assistance. Financial forecasting and budgeting will be critical for continuity. As clients seek more answers and more guidance, the demand free online paycheck calculator for accounting consultants increases as well. Other things to consider are how far away your clients are from your home, and out-of-pocket costs such as parking, tolls, and specialty supplies. Another advantage to working for a staffing or consulting services firm is that they offer benefits, such as health insurance, vacation time, bonus pay, and, in some cases, even free CPE.
Learn how to start an accounting advisory business in our white paper. Learn how to start an accounting advisory business in our white paper. These are just a few of the HR functions accounting firms must provide to stay competitive in the talent game. Regardless of the type of work you want to do, getting started as a consultant most likely will require advance planning. If time allows, you should start thinking about it at least six months from the time you plan to retire or transition.
Search jobs and contract opportunities
There may be additional training or education to help you specialize in a particular type of consulting, but there are also other considerations that require some forethought. Consultants should be proficient in the skills their prospective employer needs and be able to quickly adapt to the processes and procedures of their new workplace. If you’ve been considering consulting as the next stage in your career, you’re not alone.
- Having a contract or engagement letter will protect you in the event of a lawsuit.
- There’s another practical difference between serving as a traditional accountant and becoming an accounting consultant; namely, it’s how you get paid.
- If you set up a home-based office and plan to have business-related professionals come to your home, you will need to determine what type of business-related liability and/or property insurance to obtain.
The future CPA is one who provides consulting services through an advisory lens – offering more than compliance work and serving as a more holistic business partner. According to entrepreneur.com, accounting consultants are the number one most sought-after types of consultants. Becoming an accounting consultant takes a special set of skills beyond your technical accounting expertise.
Controller – Accounting Manager – Manufacturer $130-150K
Once the client has chosen an entity structure, your consulting job is done. That doesn’t mean that you won’t have additional consulting opportunities with that same client in the future; it just means that you handle them one at a time as they arise. There’s another practical difference between serving as a traditional accountant and becoming an accounting consultant; namely, it’s how you get paid. Conventionally, accountants bill for time spent, whereas a consultant usually provides up-front pricing for specific consulting engagements, above and beyond the hourly billing for compliance and technical services. If you’re wondering how to transition into accounting consulting, you’re in good company.
Create job alert
PwC offers access to outstanding expertise, dynamic work environment and professional development. Are you seeking to consult for just a few years before retiring altogether, or for possibly the next decade or more? Establishing an anticipated time horizon can help you determine what type of work you decide to do and how much you should invest in preparing yourself.
Senior Business Development Manager
Your clients pay you for your expertise, knowledge and guidance, and you will likely reap the rewards of that relationship in terms of more business from them and their referrals as well. When you provide accounting consulting services, you do more than make sure the numbers add up. You provide additional analysis or insight beyond the compliance transaction, usually by being hired to provide solutions to a particular problem (though some consulting can look like advisory services and be more open-ended and wide-ranging). As a CPA consultant, you analyze the numbers and trends and provide thoughtful, detailed insight to improve your client’s business going forward. If you succeed in forging a path to your client’s growth, you also create a solid footing to continue working with them long-term as a business partner and advisor. To become an accounting consultant, you also need to consider who you want to work with.
You can work out any problems or issues with your client directly without involving a third party. You would also receive your entire fee from your clients and don’t need to give a cut to a staffing firm. In addition, prior to the global pandemic, client expectations were already shifting.
An accounting consultant can serve as both teacher and guide for a business, especially when the business could benefit from accounting services or improvements to their own accounting processes and procedures. Let’s examine the definition of accounting consulting and describe exactly what accounting consultants do, how to become an accounting consultant, why you should consider making the switch, and much more. A career within Capital Markets Accounting Advisory Services, will provide you with the opportunity to be responsible for complex financial reporting issues around deals and other transformational events. You’ll tackle client’s needs with a solution oriented approach that creatively addresses complex financial reporting problems for high profile transactions and you’ll have significant interaction with the company management teams and other advisers. Also, ensure that your résumé contains adequate detail about your previous employers. “The biggest mistake high-level accounting people make on their résumés is that they don’t let the reader know the type of industry the company is, the size of the company,” Plato said.
Fund Accounting Manager
When working with a staffing or consulting services firm, you register and are interviewed and onboarded, and the firm will match you with potential employment opportunities. The firm will also take a percentage of your pay in exchange for this and other services. The advantage to working for a firm, though, is that you won’t need to find clients or market yourself.
Consulting can be a way to finish up your career until you’re ready to retire from work altogether, or serve as a steppingstone at times when you are between permanent employers or need greater flexibility. It can also be a way to obtain additional skills and experience. Hourly rates for accounting consultants range from $27.39 (Tampa, FL) to $44.39 (Washington, D.C.). Shifting demographics, changes in consumer behavior, a dynamic tax and regulatory environment, technology, and a multitude of other factors are having a profound impact on the future of accounting. Which types of consultants are in biggest demand will likely change from year to year, as the profession continues to evolve to meet consumer needs. No matter the timing of your transition to accounting consulting, you will need to plan your new business in advance.
